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Instant credit report updates should be a thing, am I right?

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Established Member

Instant credit report updates should be a thing, am I right?

Now I know this message shows my problem with instant gratification, which is why I am rebuilding again, but wouldn't it be amazing if credit scores were instantly updated wihin minutes with every purchase, payment, app, etc?  I believe it would realy help people see how their actions affect their score in real time, instead of haveing to wait a week up to a month.  I think we will be at that point in the next 5 years as technology evolves.  Similar to how the stock market was a slow manual process years back and now indiiduals could make multiple trades per second via a cellphone app. 

 

Instantly seeing the effect of actions on credit scores would make it really easy to raise them IMO.  I guess I need to just practice some more self control and be patient.  As of now, it's a marathon...

Starting Scores (5/8/19)

Current Scores (9/2/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 1 of 6
5 REPLIES 5
Super Contributor

Re: Instant credit report updates should be a thing, am I right?

It's a double-edged sword. If you have to max out a card for rewards, you'd be screwed until you paid it off. I'm sure they could offer it now, what would they charge? I think it's too expensive as it is. 








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Message 2 of 6
Established Member

Re: Instant credit report updates should be a thing, am I right?


@Brian_Earl_Spilner wrote:

It's a double-edged sword. If you have to max out a card for rewards, you'd be screwed until you paid it off.


That's a good point. I wasn't considering that.  I guess timing would have to be dead on while submitting apps and CLI's would be harder to plan for as you never know when they will do SPs on your file.

 

Maybe they could have your official score used by lenders that only update monthly, but have a tentative score for individuals to see where they are day by day, knowing when their "official score" date was to get their utilization in check prior to it.  Or maybe I just need to learn to have a little more patience lol.  I've just been having so much fun rebuilding and it's torture waiting weeks to see differences in score.

Starting Scores (5/8/19)

Current Scores (9/2/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 3 of 6
Regular Contributor

Re: Instant credit report updates should be a thing, am I right?

I don't see the point. Our reports are updated monthly now, and I can't ever see a situation where I'd need my balances on my reports updated daily.

To top things off, if you use your card your scores will drop significantly. Those of us who PIF and prepay, would lose the ability to keep our scores high as it would fluctuate too much from daily spending.

Just my .02

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Message 4 of 6
Established Member

Re: Instant credit report updates should be a thing, am I right?

I guess you guys are right.  The more I think about it, the less sense it makes.

Starting Scores (5/8/19)

Current Scores (9/2/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 5 of 6
Established Contributor

Re: Instant credit report updates should be a thing, am I right?

The existing system is skewed in our favor because of business need. It is more cost effective to batch the updates as we do them now for lenders even if there is a slight accuracy loss. Can you imagine millions of updates from each issuer coming down on the beureu's in triplicate?

 

Today even with the slight delay they do not send many no new data updates saving time. Secondly your small update is batched with everyone else that day. In the end how much more would you pay for this chaos just to get a notification that your score did not change because you did not charge anything that day except a coffee?

TU:795 10/08/18 Synchrony--EX: 758 10/26/18 Discover--EQ:810 09/25/18 Citi--Gardening since 10/15/18
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